128 Rosemore Lane,
A client of twenty years and resident of Florida, Donald* attended a seminar presented by a law firm that promoted the virtues of Trusts. Don paid to establish a Trust and beneficiaries of numerous accounts were changed according to the directions of the law firm and were instated by Don. While he had a great relationship with Financial Solutions Group (FSG) for many years, he took a do-it-yourself approach with the law firm’s assistance, and FSG was not asked to assist him with these changes. Unfortunately, the changes were made incorrectly and with no consideration of the tax consequences.
Don passed away suddenly in 2017.
Throughout his lifetime Don always spoke highly of Financial Solutions Group and his advisor, having a high level of trust in our service and expertise. Knowing this, the surviving family members turned to us for assistance, alerting us to the predicament.
Financial Solutions Group worked with the family to establish their mutual wishes—which were to follow Don’s desires—and to create a path to achieve them. His desires were very clear before he established the Trust. The question now was how to achieve his objectives due to the incorrect beneficiary designations while eliminating the unnecessary tax burden. In this case, with our guidance and partnership with an Accounting and Law Firm, fortunately, Don’s surviving family was able to achieve his wishes for his assets and avoid the unnecessary tax burden.
Today, FSG continues to be the family’s advisor, managing the investment assets of Don’s spouse and son.